消費者抵制有效嗎？來自美食-KY的證據

Abstract

2018年8月因為蔡英文總統造訪85度C位於洛杉磯的分店，經過媒體大肆報導後造成後續一連串85度C遭到中國網友以及台灣網友揚言抵制。而消費者抵制的發生非頭一遭，若企業之行為或是商品牴觸消費者的價值觀或是道德觀，則會遭到消費者發起抵制。過去許多學者對消費者抵制研究發現，消費者抵制確實會造成該企業之營收以及股價產生負面影響，但尚未有個案研究針對同一抵制事件在不同地區同時發生並研究兩地區之抵制效益是否有差異。本次研究針對85度C在2018年所發生的「85度C之亂」抵制事件來進行抵制效益之研究。研究結果顯示抵制事件造成85度C之公司美食-KY的營業收入、投資活動現金流量以及籌資活動現金流量有短期至中期影響，獲利能力、短期借款成本以及異常報酬有短期負面影響。同時發現相同抵制事件對銷售金額產生之負面影響在中國地區高於台灣地區，顯示中國地區民眾對抵制事件的參與程度高於台灣地區；同時使用Google Trends以及百度指數來觀察搜尋熱度，發現中國地區民眾對抵制事件的搜尋熱度之時間長於台灣地區。本研究亦發現此次抵制事件對美食-KY部分競爭者的股價會產生正向外溢效果。In August 2018, President Tsai Ing-wen visited the 85°C Daily Cafe in Los Angeles. After extensive media reports, Chinese and Taiwanese netizens intended to boycott 85°C Daily Cafe. It is not the first time that consumer boycotts have occurred. If a company's behavior or product violates the consumer's values or ethics, it will be boycotted by consumers. In the past, many scholars’ studies on consumer boycotts have found out that consumer boycotts do cause negative impacts on the company’s revenue and stock price. However, there was not a case study of the same boycott incident occurring in different regions at the same time, and analyze whether there is a difference of the effectiveness in the two regions or not. In this study, the research on the effectiveness of the consumer boycott is based on the boycott events of 85°C Daily Cafe in 2018. The results of the study show that the boycott event caused a short-term and mid-term impact on the operating income, cash flows from investing activities, and cash flows provided from financing activities. Short-term negative impact on profitability, short-term borrowing costs and abnormal returns of the 85°C Daily Cafe company, Gourmet Master Co. Ltd. At the same time, it was founded that the negative impact of the same boycott event on the sales amount was higher in China than in Taiwan, indicating that the participation of the Chinese people in the boycott was higher than in Taiwan. At the same time, Google Trends and IndexBaidu were used to observe the searching heat of people in Taiwan and China for the boycott event. The heat lasted longer in China than in Taiwan. This study also found out that the boycott had a positive spillover effect on the share prices of competitors of Gourmet Master Co. Ltd.